The Conservative Party has confirmed that it is planning to support radical reform under the Legal Services Act if it gets into power, despite having reservations about key measures.

The commitment comes as the party looks increasingly likely to defeat Labour and make it into Government in the next general election.

Shadow Justice Minister Henry Bellingham MP told Legal Week: "We would not have brought in the same Bill had we been in office. However, we are not going to make dramatic changes as it is not in the interest of the legal profession. We are not in the business of overturning it as it is not a good use of taxpayers' money."

Bellingham admitted that the party does have doubts about some of the measures, including the new Supreme Court, which will act as the final court of appeal in England, Wales and Northern Ireland, hearing civil and criminal cases for all three regions.

However, he ruled out any changes in the short term on the grounds that too much change would not help.

He said: "The profession needs a period of consolidation – it does not need more change. We are not going to make immediate changes but if we are in power for more than one term then we could do."

The broad support for the Legal Services Act comes after the Conservatives gained concessions on some issues, including the Bar Standards Board's involvement in the complaints handling process under the new Office for Legal Complaints.

The Legal Services Act is expected to come into full effect in around 2011, and includes provisions for matters such as outside investment into law firms as well as Alternative Business Structures (ABS), which pave the way for external ownership of law firms, as well as partnerships between solicitors and non-solicitors.

Bellingham said: "In terms of ABS and investment in firms it is a huge challenge and we could see a very different legal system in 10-15 years' time. New capital coming in will lead to consolidation, which could exacerbate differences – strengthening some firms while weakening others."